“Government initiatives toward intelligent transportation infrastructure propelling the growth of weigh in motion market”The weigh in motion (WIM) market is expected to grow at a CAGR of 8.88% between 2018 and 2023 to reach USD 875.7 million by 2023 from USD 572.2 million in 2018. The government initiatives toward intelligent transportation infrastructure and need for advanced traffic congestion solutions and real-time information systems are the major factors propelling the growth of the said market. However, factors such as high cost and restrictive installation requirements of nonintrusive sensors and slow growth in the infrastructure sector are restraining the growth of the WIM market.
“Hardware component segment expected to lead the market during the forecast period”
The weigh in motion hardware system makes use of several sensors and controllers to collect and transmit traffic data to the weigh in motion station. As weigh in motion site makes use of several sensors and other related hardware components, the market for hardware components is expected to hold the largest share during the forecast period.
“Market for controllers expected to grow at the highest CAGR during the forecast period”
The vehicle and other traffic-related information collected by sensors are fed to the weigh in motion controllers. Controller produces a daily data file that contains individual vehicle records, and the file is automatically downloaded at the main controlling center that tracks and analyzes the collected data on a regular basis. The growing application of WIM sensors and other traffic sensors is directly contributing to the growth of controller market during the forecast period.
“Traffic data collection application expected to witness the highest market growth during the forecast period”
WIM systems provide continuous, reliable, complete, and accurate traffic and weight data by making use of WIM sensors and other traffic sensors such as radar sensor, infrared sensor, thermal sensor, and LiDAR sensor. The information collected by these sensors are useful for intelligent transportation system (ITS). The growing market for ITS and increased government initiatives to promote ITS and smart transportation are expected to drive this market during the forecast period.
“Market in APAC expected to witness significant growth during the forecast period”
The weigh in motion market in APAC is expected to grow at the highest CAGR during the forecast period. Various countries in APAC, such as China, Japan, and Australia, have started recognizing traffic solution using WIM systems and traffic sensors to curb issues such as traffic congestion, automated toll, vehicle detection, traffic control, and traffic management. The market in APAC has high growth potential. The demand for WIM systems in APAC is significantly driven by the strong economic growth, rise in population, and rapid urbanization.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the weigh in motion market. Following is the breakup of the profiles of primary participants for the report:
• By Company Type: Tier 1 = 30%, Tier 2 = 45%, and Tier 3 = 25%
• By Designation: C-Level Executives = 35%, Directors = 45%, and Others = 20%
• By Region: North America = 50%, Europe = 30%, APAC = 10%, South America = 5%, and Middle East & Africa = 5%.
Moreover, the report profiles the key players in the weigh in motion market and analyzes their market ranking. The players profiled in this report are Kapsch TrafficCom (Austria), Q-Free (Norway), International Road Dynamics (Canada), Kistler (Switzerland), SWARCO (Austria), FLIR Systems (US), TE Connectivity (Switzerland), Siemens (Germany), Axis Communication (Sweden), and Raytheon (US), among others.
Research Coverage:
This research report categorizes the weigh in motion market on the basis of component, application, and geography. The report also provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
Reasons to Buy the Report:
The report would help the leaders/new entrants in the weigh in motion market in the following ways:
1. The report segments the weigh in motion market comprehensively and provides the closest market size estimation for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for the weigh in motion market.
3. The report would help stakeholders understand their competitors better and gain insights to improve their position in the weigh in motion market. The competitive landscape section describes the competitor ecosystem.